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World's first underground thermal power plant to be bui...
Jan 07, 2013
A large underground thermal power plant will be built in Korea for the first time in the world. According to Korea Midland Power (KOMIPO), Seoul Thermoelectric Power Plant in Mapo District, western Seoul, will be retired in 2017 and remodeled into a cultural and sports complex in...


Korea to become eighth biggest trading partner
Dec 03, 2012
Korea is highly likely to become the world's eighth biggest trading partner, a government report said recently. The country's annual trade volume is projected to exceed USD one trillion this year for the second time. "Korea's exports have stagnated a little this year due to worse...


Korea’s medical tourism only gets better
Nov 30, 2012
The Korea International Medical Tourism Convention 2012 (KIMTC 2012) was held for three days starting on October 8 at KINTEX in Ilsan. Marking its fifth year, more than 100 overseas agencies from 16 countries visited the convention which offered over 50 booths consisting of clini...


Services account surplus expected this year due to K-po...
Nov 22, 2012
The growing influence of K-pop coupled with the huge success of Psy's "Gangnam Style" seems to have helped push Korea's services account into the black. Korea's services account, which shows the difference between a nation's total exports and imports of services, has almost alway...


Korea lifts hurdle for opening casinos
Sep 24, 2012
Foreign investors will now face fewer hurdles to open new casinos in Korea. A recent revision of an ordinance for free economic zone (FEZ) special laws lifted a major hurdle for foreign investment in opening a foreigners-only casino in the country's FEZs. On September 18, the Min...


Korea gets rating upgrades by all three agencies
Sep 20, 2012
Korea's sovereign credit rating was raised by Standard & Poor's by one notch on September 14. In a period of only three weeks, the country has seen upgrades by all three global credit rating agencies. The consecutive upgrades are expected to further improve foreign currency f...


"Healing" is in the minds of consumers around the world
Sep 12, 2012
Reflecting consumers’ growing interest in a peaceful and practical lifestyle, a report by Korea Trade-Investments Promotion Agency found that the proven selling code worldwide is "healing.” The result was released by Korea Trade-Investments Promotion Agency (KOTRA) in a report on...


Foreign media taken by surprise after sovereign rating ...
Sep 11, 2012
Last week's upgrade of Korea's sovereign debt rating by Fitch Ratings to AA-, a step higher than Japan and China's, shows a vote of confidence in the country's economy, as reported throughout the foreign media. The successive upgrade by Moody's Investors Service and then by Fitch...


Jewelry companies making a U-turn to Korea
Sep 06, 2012
Decades after moving their factories overseas, a dozen Korean jewelry companies are making a U-turn back to Korea in a bid to take advantage of the eliminated tariffs resulted from FTAs with the European Union and the United States. This is the first success of the government ini...


Korea's financial sector transitions to paperless
Sep 03, 2012
As part of efforts to implement more environmentally friendly policies, Korea’s financial sector has rolled out a new initiative to cut down on paper waste by utilizing electronic documentation. Major banks and insurance companies across the country will be expanding their electr...